Thailand Gives Tax Break For Digital Assets
Thailand’s government announced Tuesday that trade in digital assets is free from value-added tax, as part of a plan to upgrade the country’s payments infrastructure. Thailand’s Government Gives Tax Breaks Finance Minister Arkhom Termpittayapaisith told a press conference that the rules will allow traders to credit annual losses against gains for taxes due on cryptocurrency […]
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Authorities in Thailand have formally introduced a value-added tax (VAT) exemption for transfers of cryptocurrencies through government-approved exchanges. The tax break, in force until the end of next year, will also apply to digital currency issued by the Bank of Thailand. Royal Decrees Enforce VAT Exemption for Crypto Trading in Thailand Investors moving cryptocurrencies and digital tokens through exchanges in Thailand will benefit from a 7% VAT exemption on such transactions. A decree published in the Royal Gazette on Tuesday enforced the tax break retroactively from April 1, 2022. It....
Regulators in Thailand have decided to limit the use of cryptocurrencies as a means of payment. The authorities consider the country’s current payment system efficient and insist cryptos would only bring risks for the financial system, economy, people and businesses.
Thailand SEC Issues Regulations Limiting Use of Digital Assets for Payments
Financial regulators in Thailand are taking steps to prevent the use of cryptocurrencies in payments for goods and services, citing various financial and economic threats. On Wednesday, the country’s Securities and Exchange....
Thailand’s Plan of tightening crypto regulations have caused major setback to retail investors and digital asset enthusiasts. Adding to this, several companies have received a major blow due to this decision. Increased supervision on digital assets comes after the industry witnessed major sell-off over the last couple of months. The Securities & Exchange Commission is […]
Securities firms in Thailand are now authorized to count crypto as capital funds. Thailand’s Securities and Exchange Commission has revised its net capital rules regarding digital assets.According to a Nov. 18 report by The Bangkok Post, the Thai SEC now allows firms dealing with digital assets to include the value of those assets when calculating their net capital funds. The new rules follow a surge in volumes on Thai exchanges. The Bangkok Post states that, following the United States presidential election, the Stock Exchange of Thailand saw one-day trading value hit $5.5 billion while....
Crypto-related profits, such as those resulting from the trading of digital currencies, will be taxed at a rate of 15%, a finance ministry official has revealed to the local press in Thailand. After last year’s significant market growth, the department intends to improve surveillance of crypto trade in 2022.
Thailand Urges Crypto Traders to Report Profits on Tax Returns
The Ministry of Finance in Thailand advises investors to indicate their income from crypto holdings when they file their tax declarations this year, the Bangkok Post reported on Thursday. Capital gains....